The young man insurtech still talking about her. A year after having raised the tidy sum of 3.3 million euros, loves wants to grow further with a new fundraising of 17 million euros, with the participation of MAIF in particular. The neo-insurance is ready to launch new products and conquer Portugal.
Lovys carries out a new fundraising of 17 million euro
Lovys is thinking big with this one new fundraising of 17 million euro. For this new round, its historical investors (the BPI, the Maif Avenir fund and Portugal Ventures) have joined together with three new European funds: Heartcore, NewAlpha and Raise Ventures.
With already 20,000 insured, the young insurtech wants to conquer 100,000 new customers for this year 2021. Launched in 2017 by Joao Cardoso, his project is original and unprecedented: to group all his insurances within from a single digital interface. For now, four products have been launched: cars, homes, smartphones and pets. Lovys currently works with eight risk holders including Helvetia, Swiss Re and Equity (Generali).
“Lovys is a subscription insurance 100% digital. We had the idea of developing this concept because a few years ago I created TaCerto.com, the first online insurance comparator in Brazil. If we have disturbed the size of distribution with this comparator, we thought it was possible to do more and above all improve the product. Our goal is to make it easier for policyholders to manage their protection. Lovys is developing a unique concept as it rethinks, reimagines the way policyholders can manage their own protection,” explained Joao Cardoso, Lovys CEO and Joao Janes, its marketing director during an interview for Assurland.com.
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Further product launch and development in Portugal
“In 2021 we want to have a single, digital, transparent and economic contact person who aggregates all our insurance needs, an “insurance Spotify”. We were impressed by the dynamism and ambition that João Cardoso instills in his teams,” says Yacine Ghalim of the Heartcore investment fund.
This new fundraiser will therefore be dedicated to the development of Lovys, which it hopes to launch.” two additional products in 2021”. Because for the moment, 80% of neo-insurance customers are worried home insurance. Lovys also intends to conquer the markets on an international scale. For now, the brand is developing its presence in Portugal, a country that serves as a “laboratory” for testing what can be done in the future.
2020 has been a successful year for insurtechs
What is certain is that 2020 was not a year of crisis for insurtechs. “The Covid crisis has highlighted the interest of our fully digitized offers : our client portfolio more than doubled during the second half of 2020,” explains Joao Cardoso to Argus de l’assurance.
And Lovys is not the only insurtech to have recorded good results in 2020. Leocare has also exceeded the threshold of 20,000 policyholders and is aiming for 120,000 customers by the end of 2021 thanks to a fundraising of 15 million euros. Alan and Luke exceeded the threshold of 100,000 insured. We can also keep the file launch of Insurtech France by Assurly and Seyna, the first French insurtech group. 2021 therefore promises to be dynamic for these young companies with a strong digital vocation!
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